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Business Theme 2 Key Terms > 2.5 > Flashcards

2.5 Flashcards

1
Q

Appreciation

A

Rise in price of one currency against another currency

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2
Q

Depreciation

A

A fall in the value of a currency

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3
Q

Barriers to entry

A

Obstacles that make it difficult for new firms to enter the market

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4
Q

Boom

A

High point in business cycle where GDP is growing quickly

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5
Q

Business cycle

A

Measures economic activity over time and show stages of boom,recession ,slump ,recovery

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6
Q

Consumer price index

A

A measure which shows changes in average prices over time

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7
Q

Deflation

A

A fall in the general price level

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8
Q

Downturn

A

A period in the economic cycle where GDP grows but slowly

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9
Q

Economic influences

A

Economic variables such as economic growth, inflation , interest rate, unemployment

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10
Q

Exchange rates

A

The price of one currency in terms of another

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11
Q

Government expenditure

A

Amount spent by government in provision of public services and welfare benefits

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12
Q

Inflation

A

General increase in level of prices In an economy over a period of time

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13
Q

Interest rate

A

Price of borrowing or reward on saving

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14
Q

Recession

A

GDP falls

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15
Q

Recovery

A

Period where economic growth begins to increase again after a recession

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16
Q

Unemployment

A

The % of the working population who are without a job and actively seeking work

17
Q

Consumer legislation

A

Legislation that is to protect consumers from poor quality products and poor business practices

18
Q

Consumer protection legislation

A

Legislation aimed at any business unfair selling practices

19
Q

Employee protection legislation

A

Laws that a business must follow that give employees basic rights to prevent them from being exploited e.g minimum wage

20
Q

Environmental protection legislation

A

Legislation designed to reduce the impact of businesses and protect the environment

21
Q

Health and safety

A

Measures put in place by businesses to prevent accident or injury in the workplace

22
Q

Legislation

A

A collective name for laws and regulations used by governments to restrict certain activities

23
Q

National minimum wage

A

A wage rate set by government and it is illegal to pay below this

24
Q

Market structure

A

Characteristics of market such as size of barriers to entry of market , no of competitors

Business Theme 2 Key Terms (5 decks)

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